Unusual Machines announced a new compensation arrangement for its CEO, Dr. Allan Evans, granting him warrants to purchase 5,000,000 shares of common stock. This grant is performance-based, tied to specific stock price milestones, and is in exchange for the CEO waiving all cash compensation after December 31, 2026. The company also granted stock options to other key executives.
Key Details
- CEO Warrant Grant: Dr. Allan Evans was granted warrants for 5,000,000 shares with an exercise price of $25.00 per share, expiring on July 24, 2031. The grant is subject to shareholder approval.
- Performance-Based Vesting: The warrants vest in five equal tranches of 1,000,000 shares as the company's stock price achieves targets of $25, $40, $60, $80, and $100 per share.
- Executive Stock Options: The company also granted five-year stock options to its President (525,000), CFO (375,000), and CRO (375,000) at an exercise price of $19.36. These options vest quarterly over a three-year period.